Minimising risks in Africa’s tech-driven financial inclusion

Africa has made huge strides over the past decades towards financial inclusion. The digitisation and simplification of money management has especially proved to be a sturdy vehicle in making headway in this regard.

Yet, more work needs to be done as only 34 percent of adults in Sub-Saharan Africa have a bank account and 350 million people are still unbanked. In Kenya, financial inclusion as of August 2020 stood at 82.9 percent, a vast improvement from 26.7 percent in a decade, while the commercial banking industry is the fourth largest in Sub-Saharan Africa. But there’s still room for growth.